Cornelian's Millar: Peak Brexit uncertainty provides opportunities

Political issues remain

Following a strong 2017, year-to-date we have seen something of a correction.

A higher-than-expected wage inflation report from the US led many to fear that the not too hot, not too cold, 'Goldilocks' global economic backdrop may be coming to an end. Such an environment, it was feared, would lead to higher bond yields which are, of course, the main discounting mechanism of stock valuations.  One could argue that growth stocks should be impacted most in this negative interpretation given the greater amount of future cashflows that they have to discount. However, not all growth stocks are the 'bond proxy' stocks that have been bid up over the years as bond yie...